After the mega IPO of Hyundai India disappointed investors on debut, listing gains could be elusive for another high profile offering from Swiggy despite a lot of buzz in the market.Almost all the analysts believe that investors can subscribe to the IPO only for the long-term given that the company is currently loss making and is facing competitive pressure from rival Zomato, which has already proved its worth on the Street.Analysts said Swiggy's IPO is for those investors who are optimistic about the company's potential for long-term transformation, but at the same time recognize the current limitations in growth and profitability."For Swiggy, profitability may remain elusive for the next few years, particularly on a consolidated basis. The company's quick commerce business has yet to show strong performance, and achieving profitability across all segments may take time," Abhishek Jain, Head of Research, Arihant Capital said.Profitability concerns are significant, as investors have become increasingly wary of tech companies requiring extended timelines to post positive bottom line numbers.The company has more than doubled its revenues to just over Rs 11,000 crore in the last two fiscals, but the bottom line is still in the red with a loss of Rs 2350 crore in FY24."As with its listed peer Zomato, which also debuted with a focus on scaling before profitability, Swiggy may appeal more to investors who are comfortable with long-term risks in exchange for the potential in this fast-evolving sector," said Santosh Meena, Head of Research, Swastika Investmart.Swiggy has priced the IPO on the conservative side at a valuation of $11.3 billion. However, few analysts still feel this appears to be aggressive. For instance, Samco Securities advised investors to avoid subscribing to the IPO over valuation concerns and that investors should wait until the company’s financial performance and growth outlook improves.The grey market trends, which indicate the listing potential doesn't inspire any confidence either. The shares are commanding a GMP of just 3% over the issue price, which could go into the negative if the market sentiments are negative.The IPO opened for bidding on Wednesday and saw pretty muted demand on the first day of the bidding process. The issue, which closes on November 7, was subscribed about 12%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)